Now, this is an important one, when we hear about a new launch or get an email or SMS stating new launch at 6500 PSF for example for a property where the existing prices are around 9000 PSF what do you do?
Here are a few points, which we at Mumbai Property Exchange follow to make our clients take an informed decision??
1. Find the base price and the floor rise and if car parking is included in that or there is an extra amount payable for that.
2. These 2 factors determine your base price which is Rate + Floor Rise + Car Parking if at all not added.
3. Find out other expenses or charges like PLC, Garden Facing Charge or lake Facing or pool facing charge or now a days dual aspect where you have 2 Windows charges.
4. Government Charges are nearly – 5% Stamp Duty, 1% Vat, 4.50% nearly as Service Tax and another 30000 for registration.
5. Club House charges, infra charges, development charges, maintenance in advance, legal charges, utility charges etc.
Always ask a cost sheet and find other options in similar location at different stages of construction like a project which is half way under construction, getting nearly ready and ready possession in a new building.
Once, you have these 3 different comparisons you will know by just seeing the base rate or the base rate with government taxes as in new properties your service tax will go away.
Also, watch out for carpet area and built up area difference some developers may have lower or higher ratio.
If you are still confused and would need more insight on this, please feel free to call Sandeep Sadh on 9820030685 or email email@example.com for a clearer perspective and to give you information on all three options.